The Long Island Iced Tea Corporation’s stock rose by 432 percent on Thursday after the company announced that it would be changing its name to “Long Blockchain Corp.”
According to a statement, the company is now “shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology,” though its subsidiary, Long Island Brand Beverages, will continue to sell drinks.
A UK company, On-line Plc, had a similar experience when its shares rose by 394 percent after it changed its name to “On-line Blockchain Plc” in October.
Blockchain is a digital ledger that allows people to make instant and secure transactions. It’s the underlying technology for cryptocurrencies like Bitcoin and has attracted billions of dollars of investments in the tech industry.
Blockchain evangelists have been preaching that the technology will revolutionize everything from financial services to toasters. Major tech companies like Microsoft and IBM are currently running experiments with blockchain, and more than 100 banks are now trying to find ways to incorporate the technology into their transactions.